Bankrupt exchange FTX set to repay $2.2 billion to creditors this month

FTX's recovery trust announced a $2.2 billion distribution to creditors on March 31, the fourth payout under its Chapter 11 reorganization plan. This distribution includes creditors in both “Convenience” and “Non-Convenience” classes who have completed the necessary onboarding. Funds will be distributed via BitGo, Kraken, or Payoneer in U.S. dollars, with options for fiat withdrawal or digital asset conversion. This latest payout brings recovery rates to 96% for “Class 5A Dotcom” claims and 100% for U.S. customer claims (“5B”), as well as full recovery for classes “6A” and “6B”, and a cumulative 120% distribution for “Class 7”. The estate is also preparing for the first payments to preferred equity holders on May 29. Sam Bankman-Fried, FTX’s founder, is currently serving a 25-year sentence for fraud and conspiracy related to the exchange’s collapse in November 2022.

(Source：CoinDesk)